Gannett Repurchases $15 Million of Senior Notes, Continues Debt Repayment Strategy

Gannett Co., Inc., a leading media and marketing solutions company, has announced that it has repurchased approximately $15.0 million of its 6.00% first lien notes due November 1, 2026. The repurchase was made at a discount to par value, with the company paying approximately $13.1 million for the notes. This move is part of Gannett’s ongoing debt repayment strategy.

In connection with the repurchase, Gannett received a waiver from certain lenders under its senior secured term loan facility. This waiver reduced the scheduled amortization payment for the fiscal quarter ending September 30, 2023, by the amount spent on repurchasing the 2026 Senior Notes. The company expressed gratitude for the support and flexibility of Apollo, its lender, and emphasized the positive relationship between the two parties.

Michael Reed, Chairman and Chief Executive Officer of Gannett, highlighted the company’s commitment to debt reduction. He stated that year-to-date, Gannett has repaid approximately $115 million of debt and is on track to repay over $130 million by the end of 2023. Reed also expressed confidence in the company’s ability to reduce its first lien net leverage below 2.0x by the same time frame.

Gannett is focused on optimizing its capital structure to accelerate the creation of additional value for its shareholders. The company aims to prioritize debt repayment while leveraging its portfolio of media assets, including the USA TODAY NETWORK and Newsquest, to empower communities and provide compelling content and advertising solutions.

Gannett’s commitment to debt reduction and its strategic actions to optimize its capital structure reflect its dedication to long-term stockholder value. The company remains focused on delivering quality journalism, engaging consumer experiences, and effective advertiser products and services.

To learn more about Gannett Co., Inc. and its portfolio of media assets, visit www.gannett.com.

Cautionary Statement Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially. The company advises readers to refer to its filings with the Securities and Exchange Commission for a discussion of the risks and important factors that could impact its future results. Gannett disclaims any obligation to update or revise any forward-looking statements contained in this press release.

Source: [Business Wire](https://www.businesswire.com/news/home/20230918615320/en/)